United States 12 Month Natural Gas Fund
The United States 12 Month Natural Gas Fund® LP (UNL) is an exchange-traded security that is designed to track the price movements of natural gas. UNL issues shares that may be purchased and sold on the NYSE Arca.
The investment objective of UNL is for the daily changes in percentage terms of its shares NAV to reflect the daily changes in percentage terms of the price of natural gas delivered at the Henry Hub Louisiana, as measured by the daily changes in the average of the prices of UNL's Benchmark Futures Contracts, less UNL's expenses.
UNL's Benchmark is the near month futures contract to expire and the contracts for the following 11 months, for a total of 12 consecutive months. If the near month futures contract is within two weeks of expiration, the Benchmark will be the next month contract to expire and the contracts for following 11 consecutive months. When calculating the daily movement of the average price of the 12 contracts, each contract month is equally weighted. The natural gas contract is natural gas delivered at the Henry Hub, Louisiana, and is traded on the NYMEX.
UNL invests primarily in listed natural gas futures contracts and other natural gas related futures contracts, and may invest in forwards and swap contracts. These investments will be collateralized by cash, cash equivalents, and US government obligations with remaining maturities of two years or less.
UNL's Fund Benefits
- UNL offers commodity exposure without using a commodity futures account.
- UNL provides "equity-like" features including, intra-day pricing, and market, limit, and stop orders.
- UNL provides Portfolio Holdings, Market Price, NAV and TNA its website each day.
|Intraday Indicative Value||UNL.IV|
|Minimum Trade||1 share|
|Administrator||Brown Brothers Harriman & Co.|
|Distributor||ALPS Distributors, Inc.|
|General Partner||United States Commodity Funds, LLC|